Forex Contests -The Forex signals and forex brokers arrange some types of Forex contests and competitions for their clients in order to retain their site or trading platform. The Forex trading contests are used online.
Forex Demo Contests
FX Traders can easily participate in the open demo FX contests; and they don’t even have to deposit money in their forex broker accounts. With strong connections with the other FX traders of the same interest, the traders can obtain benefits. Participating in a demo contest gives traders an opportunity to get FX trading experience and a prize in case of winning without investing their funds.
Live Forex Contests
The live Forex contests are some of the popular types of Fx competitions. They can also provide the traders with great amount of rewards and advantages. The trading skills of the traders can easily be tested with competitions. It is required to deposit your forex account first in order to get an opportunity to take part in the live contests. The Forex championships like the trader’s marathon, the automated trading championship, the most successful trade of the week contests.
The trading competitions in any case prove their high return for the participants because they can motivate the traders for making more money establishing their trading skills.
What Is Take Profit
Take profit is a financial instrument, that allows to fix the profit. If trader uses take profit, he always knows that the order will close automatically, as soon as the price reaches the desired value. For example, even if you stay in front of the monitor and track the price movements carefully, you do not always have the opportunity to close the order. Such situation may take place on the market during the news release.
One more important circumstance is that the order with take profit will be closed even when the trading terminal is offline.
Take profit is being placed the following way. In the MT4 terminal, on the instrument panel there is a tab “New order”. In the appeared window you have to choose the value of the take profit. Value placing is based on the trader’s forecast. As soon as the indicated price is reached, order is closed with the profit.